EOFY Tax Planning & Year-End Opportunities Before 30 June

With the end of the financial year fast approaching, now is the time to review your affairs and consider whether there are any tax planning opportunities available to you.

While every situation is different, there are a number of strategies that individuals, investors and business owners may wish to consider before 30 June. Taking action before year-end may help maximise deductions, improve cash flow and reduce your overall tax liability.

Check Your Super Contribution Position

Superannuation contributions can have tax implications, so it is important to review your contribution position before year-end.

In particular, you may wish to check:

  1. Whether employer super contributions have been paid and received by the fund before 30 June.

  2. Whether any personal contributions you have already made have been correctly documented.

  3. Whether you have exceeded any relevant contribution caps.

For individuals considering making additional super contributions, the contribution rules, caps, age-based eligibility requirements and deductibility rules can be complex. We can explain the tax treatment and contribution limits that apply to your circumstances; however, you should obtain financial advice before making decisions about your broader superannuation strategy.

Bring Forward Business Purchases

Eligible small businesses may be able to immediately deduct the cost of certain assets costing less than $20,000 under the instant asset write-off provisions.

This may include items such as:

  • Computers and laptops
  • Office equipment
  • Tools and machinery
  • Furniture and fittings
  • Business technology upgrades

To be eligible, assets generally need to be installed and ready for use before 30 June.

As the rules can be complex and eligibility requirements apply, we recommend seeking advice before making significant purchases.

Review Bad Debts

If you have customers who are unlikely to pay outstanding amounts, writing off bad debts before 30 June may provide a tax deduction.

To claim a deduction:

  • The debt must be genuinely unrecoverable.
  • The amount must have previously been included in assessable income.
  • Appropriate records should be retained.
  • The debt should be formally written off before year-end.

Review Stock and Business Assets

Businesses should review stock and assets before 30 June and consider whether:

  • Any stock has become obsolete or unsaleable.
  • Damaged stock should be written down or written off.
  • Old equipment should be scrapped or disposed of.
  • Asset registers remain accurate and up to date.

These reviews may provide tax benefits while ensuring business records remain accurate.

Review Capital Gains and Losses

If you have sold investments, property or other assets during the year, now is an ideal time to review your capital gains tax position.

In some circumstances, capital losses can be used to offset capital gains realised during the year.

However, investment decisions should never be made solely for tax reasons and professional advice should always be obtained before implementing any strategy.

Review Your Rental Property Records

The ATO continues to focus heavily on rental property claims.

Property owners should ensure they have appropriate records to support deductions and carefully review:

  • Interest expenses
  • Repairs and maintenance
  • Depreciation claims
  • Private use of holiday homes
  • Rental income declarations

Recent ATO guidance has increased scrutiny in this area, making accurate record keeping more important than ever.

Ensure Super Contributions Are Received Before 30 June

A common mistake is assuming that making a payment before 30 June automatically secures a deduction.

For superannuation contributions to be deductible in the current financial year, the contribution generally needs to be received by the super fund before 30 June.

If making contributions close to year-end, allow sufficient time for processing.

EOFY Action Checklist

Before 30 June, consider whether you need to:

✓ Check your super contribution position

✓ Review planned business asset purchases

✓ Write off bad debts

✓ Review stock and obsolete assets

✓ Review capital gains and losses

✓ Check rental property records

✓ Review outstanding ATO debts

✓ Review trust distribution requirements

✓ Ensure key payments are made before 30 June

✓ Speak with your accountant if you are unsure

Need Assistance?

Tax planning should always support your broader financial and business objectives.

The best strategy is rarely the one that simply creates the largest deduction. Instead, it should improve your overall financial position while remaining commercially sensible.

If you would like to discuss tax planning opportunities before 30 June, please contact our office. We can help review your circumstances and identify strategies that may be appropriate for you.